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President Donald Trump announced what he called an &#8220;ECONOMIC D-DAY&#8221; against Iran on Wednesday, threatening economic consequences for countries that continue providing a lifeline to the despotic regime.
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Writing on Truth Social on Wednesday evening, Trump slammed the Islamic Republic for refusing to come to the table, warning that the time for polite diplomacy is officially over.
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&#8220;No one has given the Islamic Republic of Iran a greater opportunity to make a Deal than me,&#8221; Trump wrote. &#8220;TRAGICALLY, for them, they have failed to take it. Therefore, today, I am announcing the MOST CRUSHING ECONOMIC OPERATION EVER TAKEN AGAINST ANY COUNTRY!&#8221;
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Trump added that these &#8220;HISTORIC MEASURES&#8221; will completely wreck Tehran’s ability to finance international terrorism.
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Trump also issued a zero-tolerance warning to any foreign nations or businesses secretly throwing a lifeline to the Iranian regime through shadowy financial tricks.
&#8220;ANY country that allows its financial institutions, businesses, airports, or government entities to provide any type of lifeline to Iran will itself face TREMENDOUS Economic Consequences,&#8221; Trump threatened, calling on American allies to step up and isolate the regime once and for all.
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Trump’s new crackdown comes as Iran&#8217;s economy is already in a catastrophic tailspin. Data from the exchange-rate monitor Bonbast<a href="https://www.bonbast.com/"> shows</a> the Iranian rial has undergone a catastrophic collapse. On the open market, the currency has plummeted to a staggering 1,374,600 rials to one US dollar. Over the last 20 years, the rial has lost more than 99% of its purchasing power; in 2006 the exchange rate was  9,200 rials per dollar. While Tehran attempts to hide behind a fictional &#8220;official&#8221; rate of 42,000 rials per dollar, the reality is quite different.
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The president’s latest post directly targets the illicit web of global actors keeping Iran’s tyrannical regime on life support. According to a <a href="https://www.hklaw.com/en/insights/publications/2025/06/fincen-advisory-highlights-iran-sanctions-evasion-red-flags#:~:text=The%202025%20Advisory%20focuses%20particularly%20on%20how,to%20conduct%20international%20transactions%20without%20repatriating%20funds">report</a> by legal giant Holland &amp; Knight, Iran has relied on a shadowy international network to dodge U.S. sanctions.
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Entities in China and Hong Kong serve as a primary center for buying discounted crude oil and routing illicit payments through front companies. Logistics centers in Dubai and the UAE routinely hide funds and manage Iran’s &#8220;shadow fleet&#8221; of oil tankers.
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Meanwhile, transit points in Malaysia and Singapore help relabel Iranian oil as &#8220;Malaysian Blend,&#8221; and nations like Panama and Cameroon allow tankers to sail under the radar. Trade intermediaries in Russia, Türkiye, and Venezuela help with cash transfers, energy swaps, and trade for physical gold.
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By targeting these shadow-banking schemes, corporate front companies, and ship-to-ship oil transfers, Trump is turning off the faucet entirely.
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US-POLITICS-ECONOMY-TRUMP

‘ECONOMIC D-DAY’: Trump Announces Unprecedented Operation To Crush Iran’s Shadow Economy

donald trump

economic sanctions

iran

iranian rial

politics

Oil prices climbed above $100 a barrel Thursday for the first time since May as markets reacted to a major escalation in the war with Iran. 
Brent crude, the international benchmark, briefly traded above the $100 threshold after Iranian-backed Houthi militants attacked two oil tankers transiting the Bab el-Mandeb Strait in the Red Sea. The attacks heightened concerns about global oil shipments as disruptions continued in the Strait of Hormuz. Together, the two waterways handle roughly 30% of the world&#8217;s oil.
Goldman Sachs <a href="https://www.marketwatch.com/story/oil-prices-could-surpass-120-per-barrel-if-disruptions-in-strait-of-hormuz-dont-ease-says-goldman-sachs-047f8f88">warned</a> Brent crude could climb as high as $120 per barrel if disruptions continue in both the Strait of Hormuz and the Bab el-Mandeb Strait.
President Donald Trump responded Thursday by <a href="https://truthsocial.com/@realDonaldTrump/posts/116969243226176328">warning</a> Iran would face dire consequences if the Houthis continued targeting commercial shipping.
Trump said on social media that if the Houthis “do this again, the U.S. will hold Iran responsible, in that the Houthis are a Surrogate and/or Proxy of Iran, and major military punishment will be inflicted upon Iran and, of course, the Houthis, themselves.” 
Reuters separately <a href="https://www.reuters.com/world/middle-east/iran-flew-irgc-commanders-missile-gear-yemens-houthis-sources-say-2026-07-23/">reported</a> that Iran earlier this month flew military commanders, advisers, gold, and weapons into neighboring Yemen, citing two Iranian sources who said between 10 and 21 Islamic Revolutionary Guard Corps commanders were aboard the flight &#8220;to support Houthi operations and provide training on new missile systems.&#8221;
The spike in oil prices also rattled financial markets. The Nasdaq 100 was on <a href="https://www.bloomberg.com/news/articles/2026-07-23/us-stock-futures-drop-as-traders-focus-on-ai-spending-oil-jumps">pace</a> for its worst day in a month, while the Nasdaq Composite fell <a href="https://finance.yahoo.com/markets/live/stock-market-today-thursday-july-23-dow-sp-500-nasdaq-oil-bonds-earnings-084444369.html">2.6%</a>, the Dow Jones Industrial Average dropped 1.1%, and the S&amp;P 500 lost 1.4%. 
The selloff came despite otherwise encouraging economic news, with initial jobless claims <a href="https://finance.yahoo.com/economy/policy/articles/us-weekly-jobless-claims-fall-123957463.html">falling</a> to their lowest level since 1969. 
A sustained rise in crude prices could also complicate the fight against inflation by increasing fuel and transportation costs throughout the economy.
Despite Thursday&#8217;s surge, Goldman Sachs maintained its forecast for Brent crude to average about $80 per barrel in the fourth quarter, citing stronger-than-expected production and weaker demand from China, South Korea, and the Middle East.

Gas pump

Oil Prices Surge Back Across Dire Milestone After Houthis Enter Iran War

Crude Oil

Gas Prices

goldman sachs

Houthis

IRGC

islamic revolutionary guard corps

Oil and Gas

Oil prices

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Shipping

strait of hormuz

Inflation ticked up to 4.2% in May, according to data released Wednesday by the Bureau of Labor Statistics. 
The <a href="https://www.bls.gov/news.release/cpi.nr0.htm">4.2%</a> increase was in line with expectations, with analysts predicting a 0.4 percentage-point increase from April&#8217;s 3.8% annual rate. The inflation increase was driven primarily by higher energy costs as oil prices surged amid tensions in the Middle East. The inflation report showed energy prices accounted for more than 60% of the monthly increase in the Consumer Price Index, with gasoline prices rising sharply, up <a href="https://www.bls.gov/news.release/cpi.nr0.htm">8.6%</a> before seasonal adjustment. Shelter costs also continued to climb, rising 0.3% during the month, while food prices increased 0.2%. 
&#8220;It&#8217;s not a good number,&#8221; former Dallas Fed President Richard Fisher <a href="https://www.cnbc.com/video/2026/06/10/former-dallas-fed-pres-fisher-on-may-cpi-expect-continued-pressure-on-the-fixed-income-market.html">told</a> CNBC. &#8220;I think the consumer is under tremendous pressure, and we&#8217;re just going to have to see if this is going to abate.&#8221; 
Fisher added that if he were Fed chair, he would leave interest rates unchanged for now to allow more time to assess the economy.
Stocks, which are edging lower on the data, started the day with a downward trend after President Donald Trump <a href="https://truthsocial.com/@realDonaldTrump/posts/116725476229257491">blasted</a> Iran for taking &#8220;too long to negotiate a deal that would have been great for them.&#8221; 
&#8220;Now they will have to pay the price!!!&#8221; Trump added. 
After Trump&#8217;s message, Brent crude oil futures jumped to around <a href="https://www.wsj.com/livecoverage/stock-market-cpi-inflation-06-10-2026/card/trump-post-on-iran-accelerates-stock-sell-off-sends-oil-higher-HJ2tHQj71YFjmz2EFMxF">$93</a> per barrel. Higher energy prices have become the Trump administration’s Achilles&#8217; heel for inflation. Higher energy prices have become a persistent challenge for the Trump administration&#8217;s efforts to bring inflation lower. After nearly a month of conflict with Iran, the energy index rose 3.9% in May, up from a 3.8% increase in April.
The latest data continues a trend of steadily rising inflation since February. While Federal Reserve policymakers have signaled patience in recent months, the continued acceleration in prices could complicate the central bank&#8217;s path forward. Investors who had hoped for interest rate cuts later this year are now debating whether officials will instead keep rates elevated for longer, or consider additional rate hikes if inflation remains stubbornly high.

Grocery Store

Inflation Passes Unfavorable Mark For First Time Since 2023

economy

inflation

trump administration

Most people have never heard of the century-old shipping law President Donald Trump temporarily suspended for the second time last month to ease fuel costs and stabilize supply chains during the Iran war. 
The law, known as the Jones Act, was signed by President Woodrow Wilson and requires that goods transported between U.S. ports be carried on ships that are American-built, American-owned, and American-crewed. The legislation was designed to rebuild America&#8217;s shipping industry after German U-boats decimated America&#8217;s merchant fleet during World War I. 
Trump initially waived the act for 60 days and then <a href="https://www.spglobal.com/energy/en/news-research/latest-news/refined-products/042426-trump-extends-jones-act-waiver-to-ease-fuel-costs-amid-iran-war">extended</a> the waiver another 90 on May 18. Taylor Rogers, a spokeswoman for the Trump administration, said, &#8220;The waiver extension provides both certainty and stability for the U.S. and global economies.&#8221;
The American maritime shipping industry “is a total failure,” said associate director at the Cato Institute&#8217;s Herbert A. Stiefel Center for Trade Policy Studies Colin Grabow. “I think we need to move on from it.” 
Grabow is an advocate for permanently repealing the law Trump has temporarily put on ice. He says it has long distorted the market and driven up costs for American consumers: &#8220;U.S.-built ships cost about five times more than those built overseas. They cost about four times more to operate. There aren&#8217;t a lot of them. So this adds up to some very costly shipping.&#8221;
Due to the cost and limited number of vessels (there are only 93 Jones Act-compliant ships in existence), less than <a href="https://balsaresearch.substack.com/p/how-much-will-a-60-day-waiver-of">4%</a> of domestic freight is shipped by water, compared to 67% by truck, 20% by pipeline, and 6% by rail. The 4% via water moves goods from the continental United States to Hawaii, Guam, Alaska, and Puerto Rico. The Grassroot Institute of Hawaii estimates the Jones Act costs the average Hawaii family about <a href="https://www.grassrootinstitute.org/jonesact/">$1,800</a> a year and the state economy $1.2 billion a year.
Despite promises the Jones Act would bolster American ship manufacturing, that hasn&#8217;t come to fruition. In 1960 there were <a href="https://theharvardpoliticalreview.com/jones-act-us-shipping/?utm_source=chatgpt.com">2,926</a> American-built ships, but that number declined 94% to just 188 ships in 2025.
The waiver immediately drew backlash from protectionist industry groups, who argue it undermines the American shipping industry. “We are deeply concerned about this 60-day, broad waiver being abused and unnecessarily displacing American workers and American companies,” the American Maritime Partnership said in a statement.
The group <a href="https://www.waterwaysjournal.net/2026/03/20/trump-enacts-60-day-jones-act-waiver/?utm_source=chatgpt.com">dismissed</a> the Trump administration’s claims that the policy would meaningfully lower gas prices, arguing the impact would be less than one cent per gallon. But critics of the Jones Act say that misses the bigger picture. 
Americans for Free Markets executive director David Ibsen told The Daily Wire he welcomes the change, and the positive impacts should be long-term. &#8220;It&#8217;s telling that whenever there is a national emergency, presidents from both parties move quickly to waive this outdated and unnecessary law,&#8221; he said. &#8220;If it&#8217;s so clear that the direct impact of the Jones Act is higher costs for energy and consumer goods, then there is little reason to keep it. It should be permanently waived or repealed.&#8221;
Former Presidents George W. Bush and Barack Obama waived the act after Hurricane Katrina (2005) and Hurricane Sandy (2012) to quickly move fuel and supplies to affected areas. Beyond natural disasters, Ibsen suggests that permanently waiving the act could reduce the amount of money flowing to America’s foreign adversaries by making it cheaper to buy American natural gas. 
&#8220;The Jones Act restrictions on shipping between U.S. ports means certain regions of the country are forced to import natural gas from foreign countries, including Russia,&#8221; he argued. &#8220;It&#8217;s absurd and harms both American energy producers and consumers.&#8221;
Permanently repealing the Jones Act, which would require Congress, would conflict with Trump&#8217;s broader protectionist economic project. Instead of restricting foreign competition, it would invite it by allowing cheaper, foreign-built and foreign-crewed ships to operate in domestic routes.

US-ECONOMY-SHIPPING

The Obscure Law That Keeps Your Energy More Expensive Than It Has To Be

Jones Act

Reps. Ro Khanna and Brad Sherman, both California Democrats, are pushing to restrict U.S. oil exports, claiming that keeping more oil would help lower gas prices. 
Critics say that the opposite is far more likely. 
“If adopted, the political responses to the current high gas prices will make a bad situation worse,” Wayne Winegarden, a senior fellow at the Pacific Research Institute, told The Daily Wire. Restricting exports, he said, “creates a major long-term disincentive to expand oil production. And expanding oil supply is exactly what consumers need in light of the large supply shock that the Iran war has caused.”
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Sherman recently introduced a bill to restrict American oil exports. If it passes, the legislation would restore an energy export ban that was eliminated under the Obama administration.
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“This is a terrible idea that would rewind the clock on America’s energy success story,” Rep. August Pfluger (R-TX), one of Congress’s leading advocates for American energy independence, told The Daily Wire. “Since lifting Obama&#8217;s oil export ban, the United States became a net exporter of petroleum, strengthening our allies and creating thousands of jobs in places like the Permian Basin. Reimposing an export ban would hand leverage back to OPEC and Russia, hurt American producers, and weaken our energy security.”
Many U.S. refineries were built decades ago and are not designed to process the type of oil America now produces in massive quantities. The United States relied heavily on foreign imports, and American refineries were built to process the heavier crude oil coming from Venezuela, Mexico, and Canada. A technological breakthrough that combined fracking and horizontal drilling led to the shale boom of the late 2000s, flooding the market with lighter crude.
Refinery infrastructure did not evolve nearly as quickly as domestic production. About <a href="https://apnews.com/article/oil-gasoline-prices-rising-economy-sanctions-cbb0d63ed7242b15a0e16586719a4aa1">70%</a> of U.S. refineries are designed to process heavy crude oil. That mismatch between the type of oil America pumps and the type of oil it can refine is one of the primary reasons the United States both imports and exports oil.  
“Although large quantities of crude oil are produced in the United States, it still imports crude oil to meet domestic refining needs,” writes the U.S. Energy Information Administration. 
An export ban doesn&#8217;t correct that imbalance, experts say.
Dan Turner, founder and executive director of Power The Future, told The Daily Wire an export ban would “leave us sitting on all this oil with nothing to do with it.” Raw crude has limited value until it is refined into usable fuels like gasoline and diesel, and the United States lacks sufficient refining capacity to process the bulk of its oil. 
Retrofitting refineries to process significantly more light crude would take years and cost billions. 
But even if refineries were redesigned, the United States would still face another major obstacle. 
A century-old law known as the Jones Act requires that cargo shipped between United States ports travel on American-built, American-owned, and American-crewed vessels. There are very few of them.
In 2024, there were only <a href="https://www.independent.org/article/2025/08/02/jones-act-shipping-regulations/">92</a> Jones Act-compliant ships, creating a major bottleneck in domestic energy transport. Oftentimes, it is cheaper to import foreign oil than to move American oil from one U.S. port to another. 
Keeping oil at home doesn&#8217;t mean it can get where it needs to go.

Trump Administration To Pause Gas Tax As Prices Soar Amid Iran War

Democrats Meet Rising Gas Prices With Economic Illiteracy

Brad Sherman

congress

ro khanna

President Donald Trump said on Monday that he&#8217;s serious about officially making Venezuela and its massive oil reserves part of the United States.
In a phone call with Fox News anchor John Roberts, Trump <a href="https://x.com/johnrobertsFox/status/2053844898890051748">said</a> he is &#8220;seriously considering a move to make Venezuela the 51st state.&#8221; Trump <a href="https://x.com/BillMelugin_/status/2053849060377759775">emphasized</a> Venezuela&#8217;s oil reserves and discussed his administration&#8217;s focus on the South American country, adding, &#8220;Venezuela loves Trump.&#8221;
Delcy Rodríguez, Venezuela&#8217;s acting president, <a href="https://www.yahoo.com/news/articles/venezuela-never-considered-becoming-51st-172403831.html">responded</a> to Trump&#8217;s remark and told reporters that Venezuela wants to remain independent.
&#8220;That would never have been considered, because if there is one thing we Venezuelan men and women have, it is that we love our independence process, we love our heroes and heroines of independence,&#8221; she said.
Rodríguez added that her government would continue to work with the United States in &#8220;a diplomatic cooperation agenda.&#8221;
For Venezuela to become a U.S. state, Congress would have to pass a law via the Admissions Clause of the Constitution, which would then require the president&#8217;s signature. Former territories, such as Alaska and Hawaii, also held referendums for residents to vote on statehood before they became part of the union.
Trump floated Venezuelan statehood as his administration continues to work with the country&#8217;s acting president after dictator Nicolás Maduro was captured by U.S. forces and brought back to the United States to stand trial on narco-terrorism charges. Trump suggested in March that he was pleased with Rodríguez as oil flows from Venezuela to the United States and Europe, with the South American country&#8217;s exports hitting a <a href="https://oilprice.com/Latest-Energy-News/World-News/Venezuela-Oil-Exports-Hit-Seven-Year-High.html">seven-year high</a> last month. The U.S. Treasury Department is currently managing the proceeds from Venezuelan oil sales in specialized accounts.
Since Trump took major military and economic action on Venezuela in early January, the United States has become the top destination for Venezuelan oil, with around 445,000 barrels per day exported to America in April, Reuters <a href="https://www.reuters.com/business/energy/venezuelas-oil-exports-jump-highest-since-2018-with-more-sales-us-india-2026-05-01/">reported</a>. Last month, Chevron said that the increased oil imports from Venezuela are helping mitigate rising fuel costs due to the war in Iran.
Andrew Walz, Chevron&#8217;s president of global refining, said the oil imports are helping &#8220;bring revenue to Venezuela&#8221; and &#8220;helping Americans.&#8221;
The Trump administration also reopened commercial flights to Venezuela late last month, with direct flights to Caracas set to become available at major airports across the United States in the coming months.
Trump first hinted at making Venezuela the 51st state in a Truth Social post in March when he wrote, &#8220;Good things are happening to Venezuela lately! I wonder what this magic is all about? STATEHOOD, #51, ANYONE?&#8221;
While Trump claims that Venezuelan statehood is a serious consideration inside the Oval Office, the president has often suggested that the United States would take over foreign countries or territories.
As the president pressured Canada on trade last year, he regularly suggested that America&#8217;s neighbor could become the 51st state. He has also pushed for Greenland to become a U.S. territory for national security purposes and suggested that the United States could take over Gaza following the Israel-Hamas war.

Donald Trump

Trump ‘Seriously Considering’ Turning America’s Former Adversary Into 51st State

U.S.

venezuela

The European Union will urge members to cut their dependence on Middle Eastern jet fuel and look into increasing imports from the U.S., in new guidelines expected next week, an official source told Reuters, as the Iran war disrupts global supply.
The plans, previously unreported and still being finalized, will put a greater focus on self-sufficiency and resilience via Sustainable Aviation Fuel (SAF) or synthetic fuels.
European airlines have warned of potential jet fuel shortages within weeks ‌as a result of the Iran war, which could disrupt the summer travel season. Europe is particularly vulnerable as it imports some 30% to 40% of its jet fuel, at least half of that from the Middle East.
The EU&#8217;s non-binding recommendations will emphasize the bloc&#8217;s limitations in increasing jet fuel output domestically and provide guidance on how to handle potential shortages, the source said.
The person asked not to be named because the discussions are ongoing and the draft is not yet finalized. A European Commission spokesperson confirmed plans to present a response to the energy crisis next week, including measures on jet fuels.
Availability of supply &#8220;remains the primary concern,&#8221; the Commission spokesperson said, adding that if supply remained snarled through the Strait of Hormuz, the EU could launch a possible coordinated release of jet fuel stocks.
Iran opened the Strait of Hormuz on Friday, a key gateway for energy flows from the Gulf, after a ceasefire accord in Lebanon, though U.S. President Donald Trump said a naval blockade remains in place until a deal is sealed with Tehran.
The EU spokesperson said he hoped a resumption of safe passage through the Strait would last, but reflecting the ongoing uncertainty, added: &#8220;Let&#8217;s see.&#8221;
FLIGHT CANCELLATION THREAT GROWS
Flights in Europe could start to be cancelled from the end of May due to a lack of jet fuel, the International Air Transport Association&#8217;s director general Willie Walsh said on Friday. Airlines are cutting flights and grounding some planes.
The source familiar with the EU&#8217;s plans said the document would lay out guidance for airline handling issues in the case of fuel shortages such as losing airport slots due to cancellations and the EU&#8217;s anti-tankering rule, designed to prevent planes from loading extra fuel in cheap locations.
It will clarify whether a fuel shortage can be considered exceptional enough for airlines to avoid paying compensation for cancellations. The source added that the EU has decided airlines&#8217; calls for changes to or the suspension of the Emissions Trading System (ETS) and SAF allowances were not justified.
The European Commission also plans to introduce EU-wide mapping of refining capacity for oil products and introduce measures &#8220;to ensure that existing refining capacity is fully utilized and ​maintained,&#8221; a draft proposal earlier seen by Reuters showed.
EUROPEAN IMPORTS OF U.S., NIGERIAN JET FUEL RISE
They will also look at the distribution logistics of increasing the use of U.S. Jet A fuel, traditionally seldom used in Europe because it has a higher freezing point than the European standard. Europe&#8217;s Jet A-1 is better suited to long‑haul, high‑altitude and cold‑temperature operations and is preferred by the military. Jet fuel imports from the U.S. and Nigeria rose sharply in April.
Some of Europe&#8217;s key hubs in Belgium, the Netherlands, Switzerland and Germany rely on the NATO-operated CEPS pipeline, which supplies European grade jet fuel. A spokesperson for NATO did not immediately reply to questions about the pipeline&#8217;s logistics.
Airlines are preparing for a potential supply crunch, with the International Energy Agency forecasting jet fuel shortages by June if the region can only replace half of the supplies it normally gets from the ​Middle East.
Some airports have warned of shortages within three weeks if the Strait of ‌Hormuz remains ⁠closed to fuel shipments. The European Commission is expected to warn jet fuel supply could remain limited even if the Strait of Hormuz is unblocked.
(Reporting by Julia Payne and Joanna Plucinska; Editing by Adam Jourdan and Elaine Hardcastle)

Airplane Fuel

Jet Fuel Crunch Looms: Europe Faces Flight Cuts As Iran War Drags On

Air Travel

europe

Global Politics

world

MixCollage-03-Apr-2026-10-36-AM-7165

The Globe Trotting Lifestyle Of Three Anti-Oil Activists Who Live ‘Like Royalty’

Climate Advocates

climate change

Louisiana

new orleans

Oil companies

Oil prices surged and stocks initially fell on Thursday following President Donald Trump&#8217;s address to the nation, reflecting concerns about energy supply disruptions and a prolonged war. However, leading U.S. indexes jumped on reports from Iranian state media that said Iran and Oman were drafting a protocol to &#8220;monitor&#8221; traffic in the Strait of Hormuz. Both the S&amp;P 500 and the Dow Jones Industrial Average rose 0.4%, and the Nasdaq Composite ticked up 0.3%.
After the President&#8217;s address on Iran, both the Dow and the S&amp;P 500 opened down <a href="https://www.cnbc.com/2026/04/01/stock-market-today-live-updates.html" target="_blank" rel="noopener">1.2%,</a> while the Nasdaq dropped <a href="https://www.cnbc.com/2026/04/01/stock-market-today-live-updates.html" target="_blank" rel="noopener">1.6%</a> amid rising energy costs and geopolitical uncertainty. Brent crude, the global oil benchmark, jumped <a href="https://finance.yahoo.com/news/oil-surges-and-us-stock-futures-fall-after-trump-offers-no-clear-timeline-to-end-war-in-iran-021340939.html">nearly 8%</a> to around $109 a barrel as investors reacted to Trump&#8217;s pledge to escalate military action. Trump said he would only consider a ceasefire once the Strait of Hormuz “is open, free, and clear,” and urged allies to take responsibility for securing the shipping route themselves. Roughly 20% of global oil supply passes through the strait, making any disruption a major driver of higher prices. 
“The United States imports almost no oil through the Hormuz Strait and won’t be taking any in the future,&#8221; Trump said during his Wednesday speech. &#8220;We don’t need it. We haven’t needed it, and we don’t need it.” Supply constraints may be difficult to offset quickly. Many refineries are designed to process heavier crude from the Middle East, limiting their ability to substitute with lighter U.S. shale oil.
The president also said the United States would hit Iran &#8220;extremely hard&#8221; in the coming weeks, adding that he expects the war to conclude in two or three weeks. “We are going to bring them back to the Stone Age where they belong,” Trump warned.
Thursday will be the last trading day for the week, with the markets closed for Good Friday. The S&amp;P 500 is down about 5% since the start of the year, marking its worst quarterly performance since 2022, as volatility tied to the Iran war continues to rattle investors.

President’s Trump National Address On Iran Is Watched By New Yorkers In Manhattan

Markets Seesaw After Sharp Turn During Trump’s ‘Epic Fury’ Address

Stock Market

President Donald Trump said Tuesday that Iran had sent the United States “a very big present” as he pushes for a deal to end the war. 
“They&#8217;re going to make a deal. They did something yesterday that was amazing actually,” Trump told reporters at the White House. “They gave us a present and the present arrived today and it was a very big present worth a tremendous amount of money. And I&#8217;m not going to tell you what that present is, but it was a very significant prize and they gave it to us.”
Trump said the &#8220;present&#8221; was related to oil and gas flows through the Strait of Hormuz, a critical shipping lane through which roughly one-fifth of the world&#8217;s oil supply passes. 
“It wasn&#8217;t nuclear related. It was oil and gas related, and it was a very nice thing they did,” Trump said. “But what it showed me is that we&#8217;re dealing with the right people.”
Since the war began, global energy prices, including in the United States, have surged as Iran has restricted shipping through the Strait of Hormuz. Brent crude, the global benchmark, rose from $72.29 per barrel before Operation Epic Fury to $95 as of Wednesday morning, with prices exceeding $100 per barrel for sustained periods following the operation&#8217;s launch on February 28. 
Trump said Iran has agreed to forgo nuclear weapons and uranium enrichment. 
“We are in about the best bargaining position. We&#8217;re way ahead of schedule,” Trump said. 
Pakistani officials said Wednesday morning that Iran had received a 15-point peace proposal from the United States, the Associated Press <a href="https://apnews.com/live/iran-war-israel-trump-03-25-2026">reported</a>. The proposal reportedly addresses both the Strait of Hormuz and Iran’s nuclear program. 
However, Iranian officials appear poised to reject Trump’s appeals for a deal, according to multiple reports. In remarks published by the state-run IRNA news agency, military spokesman Ebrahim Zolfaghari <a href="https://www.wsj.com/livecoverage/iran-war-us-israel-news-updates/card/u-s-is-negotiating-with-itself-iran-army-military-spokesman-says-mMF91kctU2R6UJTYEIdx">claimed</a> the United States only wanted to negotiate to avoid “strategic defeat.” 
“Someone like us will never get along with someone like you. Not now, not ever,” he said. “Have your internal conflicts reached the point of you negotiating with yourselves?&#8221;
Even as he has pushed for a deal, Trump is <a href="https://www.dailywire.com/news/trump-sends-best-of-the-best-against-iran-with-a-more-hands-on-phase-now-in-play?author=Virginia+Kruta&amp;category=undefined&amp;elementPosition=12&amp;row=3&amp;rowHeadline=Latest+News&amp;rowType=Vertical+Carousel&amp;title=Trump+Sends+Best+Of+The+Best+Against+Iran%2C+With+A+More+Hands-On+Phase+Now+In+Play">deploying</a> 3,000 troops from the Army’s 82nd Airborne Division to the Middle East. Trump has previously said the military operation will continue as long as he deems necessary.

President Trump Travels To Dover Air Force Base For A Dignified Transfer Ceremony

Trump Teases Mysterious Iran ‘Prize’ As Bigger Stakes Come Into Focus

Operation Epic Fury

Attacking Iran while pushing affordability at home has put President Trump in a tough spot, but this is the United States of America. We can shoot guns and churn butter at the same time.
So far, the President is making all the right moves. Releasing oil from the <a href="https://www.politico.com/news/2026/03/11/trump-strategic-petroleum-reserve-00823816">strategic reserve</a>, considering a temporary <a href="https://www.reuters.com/world/us/trump-administration-tells-oil-industry-prepare-jones-act-waiver-domestic-2026-03-12/">suspension of the Jones Act</a>, and offering tankers naval escorts and U.S.-backed insurance for their passage through the Strait of Hormuz will all help keep the oil flowing.
If he can wrap the war relatively soon, gas prices could be back to normal before the midterms. They might even be lower if he manages to arm-twist whoever ends up ruling Iran into redirecting their oil exports from China to the West.
In the meantime, Trump is <a href="https://www.socialnews.xyz/2026/03/12/trump-claims-economic-surge-in-ohio-speech/">traveling the country</a> to <a href="https://www.newsnationnow.com/politics/trump-affordability-kentucky-ohio-iran-war/amp/">tout</a> all the ways he’s already brought down the cost of living: no tax on tips and overtime, lower drug prices thanks to TrumpRx and most-favored nation pricing, mild inflation, lower mortgage rates, and trillions of dollars’ worth of job-creating investments in the American economy.
These are all huge wins, but this is no time for the Trump administration to rest on its laurels. It needs a forward-looking agenda that tells voters they’re nowhere near done saving them money and the best is yet to come.
These proposals should be easy to shape into compelling campaign messages and should address key sources of cost-of-living anxiety like housing, groceries, and childcare. Bonus points if they involve Congress, since they’re the ones who’ll actually appear on the ballot in November.
If Trump wants to preserve voters’ goodwill in the midst of the ongoing conflict, he should start by working with Congress to fix and then pass the <a href="https://www.banking.senate.gov/newsroom/minority/scott-warren-release-21st-century-road-to-housing-act-legislative-package-to-boost-housing-supply-and-bring-down-costs">21st Century ROAD to Housing Act</a>, which aims to bring down home prices by making it easier to build.
Letting this bill fail due to <a href="https://www.axios.com/2026/03/12/housing-affordability-bill-senate-passage">GOP opposition in the House</a> would make the party less credible as champions of affordability. Unfortunately, with the bill in its current form, that opposition is justified.
The bill would ban investors from constructing new “built-to-rent” (BTR) single-family homes, a key option for many families who long to live in a home as opposed to an apartment. This would remove a key <a href="https://eyeonhousing.org/2024/08/solid-levels-of-single-family-built-for-rent-construction/">source of new housing inventory</a> from the market at a time when overall home construction is <a href="https://katv.com/news/connect-to-congress/limits-on-build-for-rent-homes-in-housing-bill-draws-industry-pushback-21st-century-road-to-housing-act-institutional-investors-housing-supply-home-affordability">dropping sharply</a>.
If the bill is supposed to increase housing supply and lower costs, it should do that, not give with one hand and take with the other.
It’s true that BTRs don’t satisfy the dream of home ownership. They could, however, help millions of young couples afford the space they need to start families now instead of putting it off for years while they save for a down payment.
Second, Trump should find a way to put money in parents’ pockets as soon as possible. Trump accounts will pay off “bigly” in 18 years or so — especially if more billionaires follow <a href="https://www.whitehouse.gov/articles/2025/12/landmark-dell-gift-supercharges-trump-accounts-for-americas-kids/">Michael and Susan Dell’s example</a> — but families with young children are struggling right now.
There is a proposal floating around among conservative family policy experts that would accomplish this goal. It’s called the <a href="https://americancompass.org/the-family-income-supplemental-credit/">Family Income Supplemental Credit (or FISC)</a>, and it would essentially increase the Child Tax Credit and distribute it as series of monthly cash payments: $800 a month for the second half of pregnancy, $400 a month from birth through age six, and $250 a month from ages 6 to 18.
In the 2024 election, parents with minor children at home <a href="https://catholicvote.org/parents-of-minor-kids-voted-for-trump-by-wide-margin-after-backing-biden-harris-in-2020/">voted for Trump</a> by a nine-point margin after breaking for Biden four years earlier. If they’d all stayed home, Harris would’ve won the popular vote 50-48 (and possibly the Electoral College too). Rewarding this key group of swing voters for producing the next generation of Americans would pay huge dividends for Republicans in the 2026 midterms and beyond.
Finally, Trump could rack up an easy and immediate win without help from Congress by simply ending his predecessor’s war on bulk pricing.
Lina Khan, the radical progressive Biden chose to run the Federal Trade Commission, spent four years trying to punish American companies for the crime of success.
Two of her lawsuits, against Pepsi and alcoholic beverage distributor Southern Glazer’s, used an obsolete Depression-era law to argue that suppliers cannot offer bulk discounts to their largest customers. If either of these lawsuits were to succeed, it would drive up prices at some of Americans’ favorite retailers, including Walmart and Costco.
The FTC <a href="https://www.ftc.gov/news-events/news/press-releases/2025/05/ftc-dismisses-lawsuit-against-pepsico">dismissed</a> the Pepsi lawsuit last May, but the other is <a href="https://www.ftc.gov/legal-library/browse/cases-proceedings/2110155-southern-glazers-wine-spirits-llc-ftc-v">still pending</a>. Trump should put this question to bed once and for all by urging his FTC Commissioner, Andrew Ferguson, who has already slammed the suit as government overreach, to drop the case. There’s no better way to win the working family vote than to get up on stage and declare, “I saved Costco!”
The war with Iran is a complication few political strategists would have wished for this close to the midterms. But if President Trump can keep the oil flowing, end the war quickly, and demonstrate his continued commitment to affordability, voters will happily forgive a little temporary pain at the pump, especially when it creates more world peace.
* * *
Jason Chaffetz served as a member of the U.S. Congress from 2009 to 2017. He chaired the House Oversight Committee.
The views expressed in this piece are those of the author and do not necessarily represent those of The Daily Wire.

US-POLITICS-TRUMP

Yes, Trump Can Fight Iran And Save American Families Money At the Same Time

2026 Midterms

affordability

opinion

President Donald Trump on Saturday issued a stark 48-hour ultimatum to Iran, warning that the United States will begin targeting the country’s energy infrastructure if it does not reopen the strategically critical Strait of Hormuz.
“If Iran doesn’t FULLY OPEN, WITHOUT THREAT, the Strait of Hormuz, within 48 HOURS from this exact point in time, the United States of America will hit and obliterate their various POWER PLANTS, STARTING WITH THE BIGGEST ONE FIRST!” Trump wrote on <a href="https://truthsocial.com/@realDonaldTrump/posts/116269822349947644">Truth Social</a> at 7:44 p.m. EST.
The warning marks one of the most direct threats yet on Iranian infrastructure as the conflict enters a dangerous new phase. The Strait of Hormuz is one of the most critical waterways in the world, carrying roughly one-fifth of the global oil supply during peacetime.
<a href="https://www.dailywire.com/news/live-updates-iranian-protests-intensify-as-citizens-demand-end-to-ayatollah-rule">Since early March</a>, traffic through the narrow passage has been severely restricted following Iranian military actions, including attacks on commercial vessels and the laying of naval mines, according to international statements.
The disruption has already sent oil prices surging, with global markets reacting to fears of prolonged instability in the region.
Trump signaled in <a href="https://x.com/RapidResponse47/status/2035083241695203791">recent remarks</a> that reopening the strait would not be overly complex militarily, though it would require significant coordination. “It’s relatively safe … you need ships, you need volume,” he told reporters Friday, describing the operation as a “simple military maneuver.”
At the same time, the president criticized NATO allies for failing to step in. “NATO could help us, but they so far haven’t had the courage to do so,” Trump said, after earlier <a href="https://truthsocial.com/@realDonaldTrump/posts/116261796648776538">blasting</a> the alliance as “cowards.”
Despite Trump’s criticism, more than 20 countries, including the United Kingdom, France, Germany, Japan and Canada have signed a <a href="https://www.gov.uk/government/news/joint-statement-from-the-leaders-of-the-united-kingdom-france-germany-italy-the-netherlands-and-japan-on-the-strait-of-hormuz-19-march-2026">joint statement</a> condemning Iran’s actions. “We condemn in the strongest terms recent attacks by Iran on unarmed commercial vessels … and the de facto closure of the Strait of Hormuz,” the statement read.
The countries also signaled their “readiness to contribute” to ensure safe passage through the waterway, suggesting the early stages of a potential multinational response. Trump&#8217;s ultimatum comes just days after U.S. forces carried out strikes on Iranian anti-ship missile sites near the strait.
According to <a href="https://x.com/CENTCOM/status/2034040698954031326?ref">U.S. Central Command</a>, the operation involved 5,000-pound bunker-buster bombs, targeting capabilities believed to threaten maritime traffic. The escalation underscores how quickly the standoff is moving from economic pressure to direct military confrontation.
Iranian officials have pushed back on U.S. demands, with Foreign Minister Abbas Araghchi claiming in an interview with <a href="https://english.kyodonews.net/articles/-/72724">Kyodo News</a> that restrictions have only applied to countries involved in attacks on Iran. At the same time, Iran has issued its own warnings, <a href="https://x.com/mb_ghalibaf/status/2035665493307130044">threatening to target</a> U.S.-aligned energy infrastructure across the region if strikes continue.
Iran launched one of its most destructive attacks of the conflict over the weekend, with missiles striking southern Israel and injuring more than 100 people, including civilians in residential areas. Israeli Prime Minister Benjamin Netanyahu vowed to retaliate “on all fronts,” as Israeli forces reportedly carried out additional strikes inside Iran.
Asian countries such as Japan are heavily dependent on oil shipments through the passage, with the Japanese already weighing potential military involvement, including minesweeping operations, if conditions allow. Meanwhile, global oil prices have surged past $100 per barrel multiple times during the conflict, raising concerns about inflation and economic disruption far beyond the Middle East.
Trump’s ultimatum now sets a clear deadline in a high-stakes staring contest: if Iran does not comply, the United States could move from targeting military assets to striking core infrastructure inside the country. With both sides escalating, the next 48 hours may determine whether the conflict remains contained or spirals into something far larger.

Trump Draws Red Line: 48 Hours To Open Strait Or U.S. Strikes Begin

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